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Barclays

Climate warning

Barclays accused of greenwashing over financing for Italian oil company

Barclays is being accused by environmental groups of greenwashing after helping to arrange €4bn (£3.4bn) in financing for the Italian oil company Eni in a way that allows them to qualify towards its $1tn sustainable financing goal. Environmental groups have said the London-based bank is deliberately misleading the public by labelling the financial instruments as “sustainable” at the same time that Eni is in the midst of a multibillion-pound fossil fuel expansion drive designed to increase production. An investigation by the journalism organisation Point Source has revealed that the deals for a revolving credit line were completed last year, months after the Milan-based company announced it intended to increase its spending on the production of oil and gas by at least a third over four years, investing between €24bn and €26bn.



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  • George Kariuki

    4 w

    This is outrageous! Banks like Barclays need to be held accountable for financing climate destruction. They should be supporting renewable energy, not dirty oil.

    7
    • Kevin

      4 w

      So unfortunate

      5
      • Elizabeth Gathigia

        4 w

        And how will Barclays achieve its net zero targets with this kind of dirty deals of funding fossil fuel projects??

        5
        • Jane Wangui

          4 w

          Barclays should invest in green energy for green energy is our future and it is also more economical compared to fossil fuels.

          5
          • Rashid Kamau

            4 w

            Barclays must stop providing direct funding for new oil and gas projects.

            10
            • zelda ninga

              4 w

              Barclays should stop funding oil companies and yet they say that they are working towards its ambition to be a net zero bank by 2050, this is absurd.

              6
            • walter lungayi

              4 w

              Barclays should thoroughly re-evaluate its financing practices for the Italian oil company. A complete rethinking of its sustainability-aligned funding is required to ensure the bank's actions genuinely match its environmental commitments, not just superficial appearances.

              12
              • zelda ninga

                4 w

                @walter_lungayi I feel that banks need to be held responsible too for climate crisis issues, the reason is that this oil company must be funded to have a smooth running and all this is by the Bank

                5

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